Baghdad establishes $90m state oil firm

15 Apr 2010

(MENAFN) The Iraqi government said that it has ratified the establishment of a fourth state oil company responsible for overseeing development in recently auctioned fields in the center of the country, Reuters reported.

Midland Oil Co, or MOC, will be tasked with managing the East Baghdad oil field which was not awarded in the country’s second licensing auction held in December last year. Its capital will be $90 million

The new company will also manage the Badra oil field in southeast of Baghdad. The field was awarded to a consortium led by Russia’s Gazprom at the second bidding round in December.

Iraq, which sits on the world’s third largest oil reserves, concluded late last year and early this year, that 10 major oil deals with international oil companies that are expected to quadruple the country’s current crude oil production.

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